ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The acquisition date fair value of the consideration paid is as follows (in thousands):


Cash paid to Lidya Mines for 10% interest	$	120,000
Contingent consideration tied to completion of operational milestones (1)		24,300
Contingent consideration tied to delineation of new reserves (1)		4,300
Total consideration	$	148,600

(1) The fair value of the two elements of contingent consideration are based on a discounted cash flow model. The contingent consideration is considered a Level 3 fair value measurement due to certain assumptions that are not based on observable market data (refer to Note 9 for more information). The significant assumptions include estimates of timing of completion of project milestones, probability of delineation of additional reserves, and discount rates. The contingent consideration is included within Other non-current liabilities on the Condensed Consolidated Balance Sheets.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the assets acquired and liabilities assumed on the acquisition date (in thousands):


ASSETS
Cash and cash equivalents	$	11
Trade and other receivables		36
Inventories		3
Prepaids and other current assets		24
Mineral properties, plant and equipment, net (1)		688,611
Other non-current assets		1,690
Total assets acquired	$	690,375

LIABILITIES
Accounts payable	$	315
Accrued liabilities and other		643
Deferred income tax liabilities (2)		135,939
Total liabilities assumed		136,897
Net assets acquired and liabilities assumed		553,478
Non-controlling interest		(404,878)
	$	148,600

(1) The fair value of mineral properties, plant and equipment is based on applying the income and market valuation methods. The significant assumptions include future metal prices, estimated quantities of mineral reserves and mineral resources, future capital and operating expenditures, and discount rates.

(2) Deferred income tax liabilities represent the future tax expense associated with the differences between the fair value allocated to assets and liabilities and the historical carryover tax basis of these assets and liabilities.